Humanforce Holdings has released a supplementary bidder's statement detailing its on-market takeover effort to acquire all ordinary shares of LiveHire that it does not already own.
The statement supplements Humanforce's original bidder's statement from Aug. 14.
Humanforce's voting power in LiveHire has increased from 19.9% to 28.49% since the offer was announced.
The company remains the largest shareholder in LiveHire, noting concerns over the target's financial viability.
A key point of the supplementary statement is the recent financial performance of LiveHire.
The company reported a comprehensive loss of $8.8 million for the fiscal year ended June 30 and accumulated losses of $92.9 million.
Humanforce commented on LiveHire's audited financial report, noting it "is likely to contain material uncertainty related to the going concern paragraph in the independent auditor’s report."
LiveHire's board has unanimously recommended that shareholders accept the Humanforce offer, emphasising the ongoing risks and near-term capital requirements of the business.
The offer will remain open until Sept. 30, unless extended.
LiveHire is an Australia-based recruitment, talent mobility and direct sourcing platform. It is engaged in the provision of online talent acquisition software.
Its solutions include branded talent attraction, recruitment customer relationship management, applicant tracking systems, recruitment analytics, market integration, and professional services.